Cipher Mining reported strong Q3 2025 revenue and adjusted earnings driven by its bitcoin mining business, while continuing its transition into AI hosting with major deals.

Cipher Mining reported a net loss of $46 million in the second quarter of 2025, or $0.12 per share, but achieved non-GAAP adjusted earnings of $30 million, or $0.08 per diluted share. The company successfully commenced hashing at Black Pearl Phase I ahead of schedule, increasing its total self-mining capacity to approximately 16.8 EH/s, and is on track to reach 23.5 EH/s by the end of Q3 2025. The company is also strategically developing Black Pearl Phase II to support both AI compute and hydro-bitcoin mining.

Cipher Mining reported first quarter 2025 revenue of $49 million, a 16% increase quarter over quarter. The company posted a GAAP net loss of $39 million, but achieved non-GAAP adjusted earnings of $6 million. Key achievements include signing a JV financing partner for Barber Lake and nearing completion of Phase I infrastructure at Black Pearl, with anticipated rig deployment ahead of schedule.

Cipher Mining reported a net earnings of $18 million and adjusted earnings of $51 million for Q4 2024. The company completed the upgrade of its Odessa fleet, increasing its total self-mining hashrate to approximately 13.5 EH/s, and acquired the Stingray data center site.

Cipher Mining reported a net loss of $87 million for Q3 2024, but the adjusted loss was only $3 million. The company completed the acquisition of the Barber Lake and Reveille data center sites and signed option agreements to purchase or lease three additional sites in Texas.